Hard Rock Hotel & Casino Proposal to Generate Over $350 Million in Annual Economic Benefit to Kansas
13 Août 2008 - 5:54PM
PR Newswire (US)
Potential for Second NASCAR Sprint Cup Series Date at Kansas
Speedway KANSAS CITY, Kan., Aug. 13 /PRNewswire-FirstCall/ --
Kansas Speedway and The Cordish Company's (Kansas Entertainment
LLC) proposed 1.5 million square-foot, Hard Rock Hotel & Casino
will include a 300-room luxury hotel; a state-of-the-art casino
with 3,000 slot machines and 140 gaming tables; 275,000 square-feet
of destination retail, dining and entertainment including a live
music venue; first-class resort amenities; and extensive meeting
and convention facilities. With a development cost over $700
million, with no public incentives associated with this project,
the Hard Rock Hotel & Casino will provide the community with an
economic benefit of $4.86 billion over 20 years. As part of their
proposal, Kansas Speedway announced International Speedway
Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board:
ISCB) ("ISC") will petition NASCAR for a second NASCAR Sprint Cup
Series date for the track if Kansas Speedway and The Cordish
Company are awarded the casino management contract for Wyandotte
County (Kan.). In addition, the proposal not only provides
significant expansion capabilities but also includes a temporary
casino to open within eight months. The temporary casino will
operate during construction and will include 2,000 slot machines
and 75 gaming tables. It is estimated that the temporary casino
will generate in excess of $200 million in annual revenue. "Kansas
Speedway and The Cordish Company have already shown a tremendous
commitment to this region, having invested hundreds of millions of
dollars in two of the most successful regional destinations in the
country - the Kansas Speedway and the Kansas City Power & Light
District," stated David Cordish, chairman of The Cordish Company.
"We could not have realized Kansas Speedway without the unwavering
support of state and local leaders. Our combined vision helped
create a world-class motorsports facility that continues to provide
a significant economic benefit to the community. Kansas Speedway
not only attracts hundreds of thousands of fans throughout the year
but also serves as a catalyst for new development," stated ISC
President Lesa France Kennedy. "Many positive changes to the
community have occurred since our arrival and we believe our Hard
Rock Hotel & Casino proposal will continue the momentum we
started and benefit the taxpayers of Kansas." "We're very excited
about the prospect of a second Sprint Cup Series race at Kansas
Speedway," said Kansas Speedway President Jeff Boerger. "A second
Sprint Cup race and a Hard Rock Hotel & Casino would be a
tremendous benefit to not only Wyandotte County, but to the state
of Kansas. An additional race weekend and our Hard Rock property
would increase tourism in the area and have a significant economic
impact on both Wyandotte County and the state. "Kansas Speedway
currently has an economic impact of $243 million to the area. The
addition of a second Sprint Cup Series race would add another $111
million to the community," said Boerger, who was the vice president
of the Kansas City Area Development Council prior to joining Kansas
Speedway, citing research conducted by the Washington Economics
Group, Inc. The Hard Rock Hotel & Casino, which would be
located in Kansas Speedway's Turn 2 with strong visibility and
access to both Interstate 70 and Interstate 435, will bring a
distinctive and energetic destination entertainment and gaming
experience to Wyandotte County and establish the area as one of the
major sports and leisure destinations in the country. Kansas
Speedway tickets are on sale now for 2008-09 packages and can be
purchased by calling 866.460.RACE or logging onto
http://www.kansasspeedway.com/ . O'Reilly Auto Parts Qualifying Day
tickets for Sept. 26 and Sprint Fan Walk tickets are also available
online or by calling 866.460.RACE. Parking is always free at Kansas
Speedway. DATASOURCE: International Speedway Corporation; Kansas
Speedway CONTACT: Kelly Hale of Kansas Speedway, +1-913-328-3311,
Web site: http://www.iscmotorsports.com/
http://www.kansasspeedway.com/
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